Euroz Hartleys Group (EZL) AGM 2024 Presentation summary

Strategic positioning and business overview

• Leading private wealth, institutional, and corporate finance business in Western Australia, strategically located in the global resources hub and focused on both transactional and recurring revenue streams.

• Vision centers on delivering long-term shareholder value through exceptional client outcomes, underpinned by values of trust, accountability, high performance, integrity, and respect.

• Market capitalization at A$135.2m, with A$96.9m in cash and investments, no debt, and 187 staff as of October 2024.

• Ownership is diversified among staff, institutions, and other investors, with a strong track record of shareholder returns and capital management.

Financial performance and revenue streams

• FY24 revenue reached A$89.2m, with NPAT of A$5.47m and dividends totaling 4.75cps; cash and investments stood at A$92.0m.

• Recurring and transactional revenues are balanced, with private wealth and wholesale segments each contributing about half of total revenue.

• Brokerage (33%) and underwriting/placement fees (38%) are major revenue drivers, with wealth management fees and interest also contributing.

• Funds under management (FUM) reached A$3.89b by June 2024, with a modest increase to A$4.1b by October 2024.

• Long-term dividend yield averaged 8.4% over the past decade, with A$345.2m returned to shareholders over 48 consecutive half-year periods.

Business segments and capabilities

• Largest full-service research, institutional sales, and corporate finance team in Perth, with 13 corporate finance executives, 9 research analysts, and 8 institutional advisers.

• Over A$1.4b in capital raised and A$4.0b+ in M&A deals advised since 2020, with 58 capital raisings in FY24.

• Private wealth segment manages A$3.89b in FUM, serving 10,000+ active client accounts and focusing on high net worth and family office clients.

• Research coverage spans 120+ ASX-listed small to mid-cap companies, especially in resources, energy, and industrials.